Correspondence with investment consultants & information on managing pension fund climate risk

Joel M Benjamin made this Freedom of Information request to Havering Borough Council Automatic anti-spam measures are in place for this older request. Please let us know if a further response is expected or if you are having trouble responding.

The request was partially successful.

Dear Havering Borough Council,

Please provide the following information in relation to Havering management of pension fund climate risk, & information & advice on same provided by external investment consultants including (but not limited to) Aon, Mercer,  Allenbridge Epic and Hymans Robertson.

1) Please provide emails & correspondence between council employees  (Havering finance function + responsible investment & pension fund mgmt), procurement, elected members (on pension fund committee), scheme members & external investment consultants on climate risk between 2018 and 2023

2) Please confirm if specific advice or information on climate risk has been sought by Havering and received from Mercer, or other investment consultants? - If so please provide copies of this information. (key search terms include "climate risk", "physical risk", "asset allocation" and "fossil fuels")

3) Please provide the following data points in MS Excel format in relation to each external climate risk analyses undertaken on the councils investment portfolio, noting the date/ year + provider of each analysis:

i) Warming scenarios applied, i.e 2degC, 3degC, 4,degC, 5degC, 6degC & year in which it is suggested each warming threshold considered by the scenarios will be reached?

ii) Projected gains or losses for the portfolio &/or GDP activity for each scenario/year assessed

iii) Specifics of any change(s) to asset portfolio allocation recommended by the consultants to reduce the risk of future financial losses and/or to reduce financed emissions across the portfolio.

Yours faithfully,

Joel M Benjamin

Accessinfo,

1 Attachment

Dear Joel M Benjamin

 

Acknowledgement of Information Request – AIR24909A

 

We acknowledge receipt of your request for information received 21^st
March 2023. Your email is being considered and you will receive a response
to your request as soon as possible.  The information you seek may already
be available via the Havering Data Hub, please open the following link
[1]https://www.haveringdata.net/freedom-of-... in Google to
access our disclosure log.

 

The Freedom of Information Act 2000 allows authorities 20 working days,
following date of receipt, in which to respond to requests.  You may be
aware the legislation defines a number of exemptions which may prevent
release of the information you have requested.  If any of the exemption
categories apply then the information will not be released. In these
cases, we will inform you of any exemptions we have applied together with
our reasons for withholding the information and your rights of appeal. 

 

Please bear in mind the legislation allows access to information 'held' by
the Council and not for the creation of new information or opinion. 
Therefore, we may only be able to supply documents or data that contain
the information we hold in response to your request.

 

There may be a fee payable for the supply of information.  This will be
calculated and you will be informed if a charge applies. In this event,
the fee must be paid before the information is released.

 

If you have any queries or concerns, please do not hesitate to contact us
quoting our reference above.

Further information regarding Access to Information is also available
from:

Office of the Information Commissioner
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF
Telephone:   0303 123 1113
[2]www.ico.org.uk

 

Yours sincerely

 

Access to Information

London Borough of Havering

Town Hall, Main Road, Romford, RM1 3BD

 

t 01708 434343

e [3][Havering Borough Council request email]  

w [4]www.havering.gov.uk

text relay 18001 01708 434343

 

 

[5]cid:image003.jpg@01D90B11.EE1DF2F0

Sign up for [6]email updates for local news and information

 

This document is strictly confidential and is intended only for use by the
addressee. If you are not the intended recipient, any disclosure, copying,
distribution or other action taken in reliance of the information
contained in this e-mail is strictly prohibited. Any views expressed by
the sender of this message are not necessarily those of the London Borough
of Havering. If you have received this transmission in error, please use
the reply function to tell us and then permanently delete what you have
received. This email was scanned for viruses by the London Borough of
Havering anti-virus services and on leaving the Authority was found to be
virus free. Please note: Incoming and outgoing e-mail messages are
routinely monitored for compliance with our policy on the use of
electronic communications.

Havering Council’s Privacy Notice can be found on our website Data
Protection,
https://www.havering.gov.uk/info/20044/c...,
which outlines your rights and how we collect, use, store, delete and
protect your personal data.

References

Visible links
1. https://www.haveringdata.net/freedom-of-...
2. http://www.ico.gov.uk/
3. mailto:[Havering Borough Council request email]
4. http://www.havering.gov.uk/
6. https://www.havering.gov.uk/newsletters

Joel M Benjamin

Dear Accessinfo,

A response to this request is now long overdue. Please respond ASAP.

Yours sincerely,

Joel M Benjamin

Accessinfo,

1 Attachment

Dear Joel M Benjamin

 

Thank you for your email dated 10^th May 2023.  We apologise for the delay
in responding.  As soon as we have a response we will contact you.

 

Yours sincerely

 

Access to Information

London Borough of Havering

Town Hall, Main Road, Romford, RM1 3BD

 

t 01708 434343

e [1][Havering Borough Council request email]  

w [2]www.havering.gov.uk

text relay 18001 01708 434343

 

 

[3]cid:image003.jpg@01D90B11.EE1DF2F0

Sign up for [4]email updates for local news and information

 

 

 

From: Joel M Benjamin <[FOI #962235 email]>
Sent: 10 May 2023 09:36
To: Accessinfo <[email address]>
Subject: Re: AIR24909A - Request for Information

 

Dear Accessinfo,

A response to this request is now long overdue. Please respond ASAP.

Yours sincerely,

Joel M Benjamin

show quoted sections

Accessinfo,

1 Attachment

Dear Joel M Benjamin

 

We refer to your request for information made under the Freedom of
Information Act 2000.  Your request has been considered and the response
is as follows:

 

┌────────┬──────────────────────────────────────────────────────────────────────────────────────┐
│Question│Please provide the following information in relation to Havering management of pension│
│1 │fund climate risk, & information & advice on same provided by external investment │
│ │consultants including (but not limited to) Aon, Mercer,  Allenbridge Epic and Hymans │
│ │Robertson. │
│ │ │
│ │Please provide emails & correspondence between council employees  (Havering finance │
│ │function + responsible investment & pension fund mgmt), procurement, elected members │
│ │(on pension fund committee), scheme members & external investment consultants on │
│ │climate risk between 2018 and 2023 │
├────────┼──────────────────────────────────────────────────────────────────────────────────────┤
│Response│Exemption applied, please see below. │
├────────┼──────────────────────────────────────────────────────────────────────────────────────┤
│Question│Please confirm if specific advice or information on climate risk has been sought by │
│2 │Havering and received from Mercer, or other investment consultants? - If so please │
│ │provide copies of this information. (key search terms include "climate risk", │
│ │"physical risk", "asset allocation" and "fossil fuels") │
├────────┼──────────────────────────────────────────────────────────────────────────────────────┤
│Response│Advice and Guidance is being sought from the Funds Investment Advisor Hymans Robertson│
│ │with regard to climate risk. Climate risk became more of a focus following setting the│
│ │committee investment beliefs on 29 July 2020. The Fund’s climate risk journey has │
│ │evolved from then on. Our journey to date is set out in summary form within our latest│
│ │Pensions Committee Report presented on 21 March 2023, which can be accessed by │
│ │selecting the following link (item 10 refers): │
│ │ │
│ │[1]https://democracy.havering.gov.uk/ieList...
│ │ │
│ │  │
│ │ │
│ │To view the content of each previous report mentioned in the summary, that was │
│ │submitted to the Pensions Committee, please select the relevant meeting date from the │
│ │meeting calender using the link below: │
│ │ │
│ │[2]https://democracy.havering.gov.uk/ieList...
│ │ │
│ │  │
│ │ │
│ │The fund has also published TCFD reports for 2020- 2021 (incorporated within the Funds│
│ │Annual Report – select link below │
│ │ │
│ │[3]https://www.havering.gov.uk/downloads/fi...
│ │ │
│ │  │
│ │ │
│ │The Fund published a standalone TCFD report for 2021 22 – select link below │
│ │ │
│ │[4]https://www.havering.gov.uk/downloads/do...
├────────┼──────────────────────────────────────────────────────────────────────────────────────┤
│Question│Please provide the following data points in MS Excel format in relation to each │
│3 │external climate risk analyses undertaken on the councils investment portfolio, noting│
│ │the date/ year + provider of each analysis: │
│ │ │
│ │i) Warming scenarios applied, i.e 2degC, 3degC, 4,degC, 5degC, 6degC & year in which │
│ │it is suggested each warming threshold considered by the scenarios will be reached? │
│ │ │
│ │ii) Projected gains or losses for the portfolio &/or GDP activity for each │
│ │scenario/year assessed │
│ │ │
│ │iii) Specifics of any change(s) to asset portfolio allocation recommended by the │
│ │consultants to reduce the risk of future financial losses and/or to reduce financed │
│ │emissions across the portfolio. │
├────────┼──────────────────────────────────────────────────────────────────────────────────────┤
│Response│Where applicable, the response to these questions are covered in the reports published│
│ │and links included to the website as set out above │
└────────┴──────────────────────────────────────────────────────────────────────────────────────┘

 

In accordance with the Act, this email acts as a Refusal Notice and
details of the exemptions applied are as follows:

 

Exemption under section

S43 – Commercial interests

 

Information the exemption applied to

Question 1

 

Reason for applying the exemption

The requested information is commercially sensitive between the Council
and third parties

 

Public Interest Test

Whilst it is in the public interest for the Council to be transparent with
regard to commercially dealing, it is also in the public interest that
discussions and communications between Council officers and third parties
remain confidential and do not skew discussions and communications as well
as damaging business dealing and causing reputational injury. Also the
third party has not given consent to release such information

 

Exemption under section

S21 – Information accessible through other means

 

Information the exemption applied to

Questions 2 and 3

 

Reason for applying the exemption

Information accessible via links provided above

 

Public Interest Test

This exemption is not subject to a public interest test

 

We apologise that your request cannot be met.

 

If you are dissatisfied with the way in which your request has been
handled you have the right to request an internal review within 2 months
by addressing your reasons to this email address.

 

You also have the right to complain to the Information Commissioner at the
following address:

 

Office of the Information Commissioner

Wycliffe House

Water Lane

Wilmslow 

Cheshire 

SK9 5AF

Telephone:   0303 123 1113

[5]www.ico.org.uk

 

Yours sincerely

 

Access to Information

London Borough of Havering

Town Hall, Main Road, Romford, RM1 3BD

 

t 01708 434343

e [6][Havering Borough Council request email]  

w [7]www.havering.gov.uk

text relay 18001 01708 434343

 

 

[8]cid:image003.jpg@01D90B11.EE1DF2F0

Sign up for [9]email updates for local news and information

 

This document is strictly confidential and is intended only for use by the
addressee. If you are not the intended recipient, any disclosure, copying,
distribution or other action taken in reliance of the information
contained in this e-mail is strictly prohibited. Any views expressed by
the sender of this message are not necessarily those of the London Borough
of Havering. If you have received this transmission in error, please use
the reply function to tell us and then permanently delete what you have
received. This email was scanned for viruses by the London Borough of
Havering anti-virus services and on leaving the Authority was found to be
virus free. Please note: Incoming and outgoing e-mail messages are
routinely monitored for compliance with our policy on the use of
electronic communications.

Havering Council’s Privacy Notice can be found on our website Data
Protection,
https://www.havering.gov.uk/info/20044/c...,
which outlines your rights and how we collect, use, store, delete and
protect your personal data.

References

Visible links
1. https://democracy.havering.gov.uk/ieList...
2. https://democracy.havering.gov.uk/ieList...
3. https://www.havering.gov.uk/downloads/fi...
4. https://www.havering.gov.uk/downloads/do...
5. http://www.ico.org.uk/
6. mailto:[Havering Borough Council request email]
7. http://www.havering.gov.uk/
9. https://www.havering.gov.uk/newsletters